Capital · Position · Nasdaq, TSLA
Tesla.
One Of Five.
Tesla designs, manufactures and sells electric vehicles and battery energy storage systems. It also builds solar products, charging infrastructure and driver assistance software, and is developing autonomy and robotics programs.
One of five single company positions in the book, alongside XEQT. Tesla designs, manufactures and sells electric vehicles and battery energy storage systems. It also builds solar products, charging infrastructure and driver assistance software, and is developing autonomy and robotics programs. Held, not traded. Not advice.
What Tesla Is
The company itself, before anything about the book.
What It Does
Tesla designs, manufactures and sells electric vehicles and battery energy storage systems. It also builds solar products, charging infrastructure and driver assistance software, and is developing autonomy and robotics programs.
How It Makes Money
Tesla reports an Automotive segment and an Energy Generation and Storage segment. Automotive revenue comes from vehicle sales and leases, sales of regulatory credits, and services and other, which includes used vehicles, maintenance, Supercharging and insurance.
Who Buys It
Individual vehicle buyers, commercial and utility customers for energy storage, homeowners buying solar and Powerwall, and fleet operators.
Listing
Nasdaq, TSLA
Where It Sits In The Book
One line of a published portfolio, not a pick.
The Sleeve
Stocks and ETFs are forty percent of the book. An all equity index fund does the market exposure and five single company positions sit on top of it.
The Job Of This Half
Energy and autonomy. The published rule is that each of the five has to be a sentence that can be defended, and if the sentence cannot be said the position does not belong.
Turnover
These are held. The turnover in this sleeve is close to nothing, which is the point of splitting it this way rather than running one concentrated book and hoping.
The Last Full Year
Figures from the Form 10-K filed 29 January 2026 and the fourth quarter shareholder update filed the day before.
Revenue, FY2025
Down 2.9% from $97.690b. The first annual revenue decline in the published history of the position.
Operating Margin
The company’s own figure, against 7.2% in FY2024. Operating income $4.355b against $7.076b.
Diluted EPS
Against $2.04 in FY2024. Net income attributable to common stockholders $3.794b against $7.091b.
Vehicles Delivered
Down 9% from 1,789,226. Production fell 7% to 1,654,667.
Where The Revenue Comes From
The segments, the mix, and which line is actually carrying it. FY2025, the year ended 31 December 2025.
Automotive Shrank, Energy Did Not
Automotive sales fell to $65.821b from $72.480b. Energy generation and storage sales rose to $12.270b from $9.564b. Services and other rose to $12.530b from $10.534b. The car business got smaller and the other two got bigger.
Energy Is The Better Business Right Now
The Energy segment made $3.802b of gross profit on $12.771b of revenue, a 29.8% margin, computed. Automotive made $13.292b on $82.056b, a 16.2% margin, computed. Energy margin went up year over year and automotive went down.
Energy Storage Deployed Rose Forty Nine Percent
46.7 GWh against 31.4 GWh. In Q2 2026 alone it was 13.5 GWh.
Regulatory Credits Are Going Away
Credit revenue was $1.790b in FY2023, $2.763b in FY2024 and $1.993b in FY2025. In Q2 2026 it was $146m against $439m a year earlier, down 66.7%. It is close to pure margin, so the fall lands on operating income directly.
What It Does With The Cash
Capital allocation is the decision management actually controls.
No Dividend And No Buyback
The FY2025 cash flow statement carries no dividends paid line and no share repurchase line for FY2025, FY2024 or FY2023. Everything the business generates is reinvested.
Free Cash Flow Nearly Doubled, Then Turned Negative
FY2025 free cash flow was $6.2b against $3.6b in FY2024, because capital expenditure fell from $11.3b to $8.5b. Then in Q2 2026 capex was $5.8b against $4.7b of operating cash flow and free cash flow was minus $1.1b.
The Balance Sheet Is Not The Problem
Cash, equivalents and investments $44.1b at year end, up from $36.6b. Recourse debt is $3m. The $8.150b of non recourse debt is vehicle and energy product financing.
Where The Money Is Going
The company names AI compute, solar, battery material and semiconductor manufacturing as multi year infrastructure programmes underway, alongside first generation Optimus production lines being installed.
The Last Reported Quarter
Q2 2026, the three months ended 30 June 2026, with the guidance quoted rather than paraphrased.
Revenue Up Twenty Six Percent
Revenue $28.236b against $22.496b. Deliveries 480,126. Energy storage deployed 13.5 GWh.
Operating Margin 1.4%
Down 269 basis points year over year. Operating income $398m against $923m, on 26% more revenue. Operating expenses rose from $2.955b to $4.353b.
Net Income Held Up, Operations Did Not
Net income attributable to common stockholders $1.114b against $1.172b, diluted EPS $0.32 against $0.33, on operating income that fell 57%.
There Is No Numeric Guidance
Tesla gives none. The outlook section says volume “will be impacted by aggregate demand for our products, supply chain readiness and allocation decisions”, and that Cybercab, Tesla Semi, Megapack 3 and Optimus production are expected in 2026.
The Case Against
The strongest arguments not to hold it, with figures attached and at the same weight as everything above.
The Subsidy Structure Was Repealed By Name
The 10-K names the One Big Beautiful Bill Act, enacted 4 July 2025, which “repeals individual consumer tax credits for electric vehicles and residential energy property”. It also states residential energy credits expired on 31 December 2025 and commercial solar credits are scheduled to expire for facilities placed in service after 31 December 2027.
The High Margin Revenue Line Is Collapsing
Regulatory credits fell 27.9% for the year and 66.7% in the most recent quarter. That revenue carries almost no cost, so its removal comes straight out of operating income.
The Timelines Have Moved, Repeatedly
Optimus pilot production was stated for 2025 in the January 2025 update, then start of production “before the end of 2026” in January 2026, then “production in 2026” in July 2026. Tesla Semi builds were stated to “start by end of 2025 with ramp beginning in early 2026”, then commencing 1H26, then “on track for production this year” after 1H26 had already ended.
One Person, Five Companies
The 10-K states the company is “highly dependent on the services of Elon Musk” and names SpaceX, xAI, Neuralink and The Boring Company as his other management positions, adding that he does not devote his full time and attention to Tesla.
Growth Is Being Priced Off Products That Do Not Ship Yet
The filing states growth depends on the ability to develop and commercialise Bots including Optimus, that this requires significant cash investment, and that there is no guarantee the business will be successful. Robotaxi is live in seven US metros. Neither is a revenue line yet.
Company facts from each company’s most recent annual report on Form 10-K, read September 2026. No price, market cap or forecast appears on this page. Live prices for every position are on the investing page. Every figure on this page comes from a filing with the US Securities and Exchange Commission, read on 4 September 2026. NVIDIA: Form 10-K for the year ended 25 January 2026 filed 25 February 2026, Form 10-Q for the quarter ended 26 July 2026, the Q2 FY2027 earnings release and CFO commentary, and the Form 8-K filed 17 August 2026. Tesla: Form 10-K for the year ended 31 December 2025 filed 29 January 2026, the Q4 2025 and Q2 2026 shareholder updates, and the Form 10-Q for the quarter ended 30 June 2026. Apple: Form 10-K for the year ended 27 September 2025 filed 31 October 2025, and the Q2 and Q3 fiscal 2026 earnings releases. Amazon: Form 10-K for the year ended 31 December 2025 filed 5 February 2026, the Q4 2025 and Q2 2026 earnings releases, and the Form 10-Q for the quarter ended 30 June 2026. Palantir: Form 10-K for the year ended 31 December 2025 filed 17 February 2026, and the Q4 2025 and Q2 2026 earnings releases. Where a figure is a ratio the company does not itself publish, the line says “computed”. No share price, market capitalisation, valuation multiple, price target or analyst view appears anywhere on this page, because every one of those needs a price and a price printed into a static page is wrong within the hour. Live prices for every position are on the investing page. Not financial advice.
The Other Four
The rest of the concentrated half, one page each.
NVIDIA · NVDA
NVIDIA designs graphics processing units, networking hardware and the CUDA software stack used for accelerated computing.
Apple · AAPL
Apple designs and sells smartphones, personal computers, tablets, wearables and accessories, and sells related software and services.
Amazon · AMZN
Amazon operates online and physical stores, a marketplace for third party sellers and a logistics network.
Palantir · PLTR
Palantir builds software platforms that integrate an organisation’s data and connect it to operational decisions.
XEQT · The Index Half
The all equity index fund the five positions sit on top of.
Common Questions
Tesla designs, manufactures and sells electric vehicles and battery energy storage systems. It also builds solar products, charging infrastructure and driver assistance software, and is developing autonomy and robotics programs.
Tesla reports an Automotive segment and an Energy Generation and Storage segment. Automotive revenue comes from vehicle sales and leases, sales of regulatory credits, and services and other, which includes used vehicles, maintenance, Supercharging and insurance.
It sits in the concentrated half of the stocks sleeve under energy and autonomy. The published rule for that half is that each position has to be a sentence that can be defended, and the sleeve is held rather than traded.
Vehicle demand depends on incentives and charging policy that governments can change. Autonomy and robotaxi programs have missed the timelines the company projected. The business depends on Elon Musk, whose attention is split across several companies. These are structural risks the company itself discloses, not a forecast.
$94.8b in FY2025, the year ended 31 December 2025, per the company’s own filing with the SEC. Down 2.9% from $97.690b. The first annual revenue decline in the published history of the position.
The Subsidy Structure Was Repealed By Name. The High Margin Revenue Line Is Collapsing. The Timelines Have Moved, Repeatedly. One Person, Five Companies. Growth Is Being Priced Off Products That Do Not Ship Yet. Each of those is set out with figures on this page, taken from the company’s filings rather than from an opinion about them.
No. This is a published position with the reasoning attached, which is a different thing. Nothing here is financial advice and Cody Wise is not a licensed advisor.
One Line Of The Book.
The Rest Is Published Too.
Every position, the split behind them, and live prices on all of it.
Not financial advice.